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August 12, 2019

HSBC CEO for Greater China business resigns

HSBC Greater China CEO Helen Wong Pik-kuen has stepped down, marking the second senior executive departure in a month.

Pik-kuen has been working at HSBC since 1992 and heading HSBC’s Greater China operations since 2015.

The reason cited for the departure was her plan to pursue another opportunity.

Pik-kuen will not be replaced. Instead, the responsibility of HSBC’s Greater China business will now be split among the bank’s Hong Kong, Macau, mainland China, and Taiwan country heads.

“Our growth strategy in China is unchanged. HSBC has been steadfast in its commitment to China for over 150 years. We will continue to support China’s growth and economic prosperity going forward,” a bank spokesperson noted.

Recent HSBC management changes

Earlier this month, HSBC group CEO John Flint stepped down from his role.

The bank is currently on the lookout for Flint’s successor.

Meanwhile, HSBC global commercial banking chief Noel Quinn replaced Flint on an interim basis.

At the same time, HSBC Global Asset Management hired former DWS head Nicolas Moreau as its new CEO, replacing Sri Chandrasekharan.

Additionally, HSBC is set to shed over 4,000 jobs. The layoffs will target employees in senior roles.

In the first half of 2019, HSBC reported a pre-tax profit of $9.94bn- an 18% surge from the previous year.

 

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